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Market Update

British Land Net Surges, Vedanta Writes Down Oil Assets in India


Author: Nigel Thomas
ticker.com
Last Update: 11:31 AM ET May 15 2015

4:00 PM Frankfurt British Land net surged 54% to 1.7 billion. Circassia Pharma plans to acquire two separate companies for 239 million and rise 275 million through open offer. SABMiller agreed to acquire Meantime Brewing. Vedanta Resources net loss widened to $1.8 billion.

In London trading, FTSE 100 index fell 0.4% or 25.34 to 6,948.40 and in Frankfurt the DAX index slipped 0.5% or 55.95 to 11,503.64.

In Paris, CAC 40 index increased 0.4% or 21.05 to 5,050.36.

For the week, FTSE 100 index slipped 1.4% and in Frankfurt the DAX index dropped 1.7%.

In Paris, CAC 40 index slumped 1.6%.

British Land Company Plc increased 1% to 875.50 pence after the U.K.-based real estate developer said net rental income in the year ending in March jumped 3.5% to 618 million from 597 million in a year ago period.

Net profit in the year surged 54% from a year ago to 1.71 billion compared to 1.11 billion and diluted earnings per share jumped to 167.3 pence from 110.2 pence.

Circassia Pharmaceuticals Plc plunged 9% to 291.20 pence after the U.K.-based biopharmaceutical company plans to acquire two separate companies for 239 million and said it may rise 275 million through an open offer.

SABMiller Plc gained 0.8% to 3,628.50 pence after the U.K. and South Africa based beverages maker agreed to acquire Meantime Brewing Company for an undisclosed sum.

The transaction is expected to be finalized next month.

Vedanta Resources Plc slid 0.2% to 669 pence after the U.K.-based India-focused miner reported revenues in the year ending in March fell 0.5% to $12.88 billion from $12.94 billion in a year ago period.

Net loss in the year widened from a year ago to $1.80 billion compared to $196 million and diluted loss per share increased to 654.5 cents from 71.7 cents.

The miner said wider loss was driven by a sharp drop in crude oil price and the company wrote down its Indian oil and gas business by $4.5 billion.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc